After rushing for more than 1,100 yards last season, Williams has been held to 361 yards on 87 carries in six games this season.
The Panthers also were without right tackle Jeff Otah, who hasn't played or practiced this season because of a sore knee.
Tyler Brayton missed practice Wednesday for a personal matter, but Fox said the defensive end will return Thursday.
Also on Wednesday, reserve linebacker Jamar Williams was placed on season-ending injured reserve with a neck injury.
Williams hasn't played since he sustained a spinal concussion in a collision while playing on special teams against the New Orleans Saints on Sept. 26. He was cleared to practice on Oct. 6, but was sidelined the next day after more tests and hadn't returned to the field.
Fox said Williams, acquired from the Chicago Bears during the offseason, wouldn't have been able to play for six to eight weeks.
Hodge, 28, played in all 16 games for the Cincinnati Bengals last season, but he was let go in final cuts before the start of the regular season last month.
The Associated Press contributed to this report.